DATABASICS Time & Expense Blog

8 Reasons Why Time & Expense Belong Together in a Single Solution

To most of us, T&E means Travel and Entertainment or Travel and Expense Reporting. There’s another T&E, though: Time and Expense Reporting. Here are eight reasons why time and expense belong together in a single solution:

Same users:

Generally, in an organization there is considerable overlap in the people who track their time and the people who report expenses. With a unified reporting platform, employees need to learn only one way of doing things. Learning two ways, particularly for closely related processes like time and expense, can be confusing, slows adoption, and often is a continuing source of error.

Same data:

Time and expense share a substantial amount of common information such as organizational structure, employee data, project breakdowns, approval relationships, and more. With one instance of data, there are no inconsistencies between time and expense due to differing update cycles, no mistakes arising from calling the same thing by different names, and no risk of accidentally making shared data updates to one system, but not the other.

Single point of approval:

Within one system, approvers can review both time and expense reports.

Single point of administration:

A unified solution for time and expense provides one place to manage the systems and one way of doing so. In short, it reduces complexity and increases the efficiency of administrators.

Cross-system policies:

Actions in one system can be based upon conditions in the other. For example, expense reimbursement could be made to depend upon submitting your timesheet. They also add a powerful dimension to the validation process. Checks such as comparing expense transaction dates to leave and holidays are easy to perform. As well, for billable projects you can reduce “leakage” by matching labor and expenses over given time periods.

Cross reporting:

When time and expense are together, combined reporting is vastly simplified. A full picture of project expenditures, service billings, and other total cost compilations can be readily produced.

Faster implementation:

When you implement one system, you are a long way towards implementing the other.

Single mobile app:

Having to jump between apps to get your tasks done is not only ineffecient, but opens you up to administrative errors from typos and mistakes. Having one app gives a single point of access where users or admins have real-time access to accurate data and is easily accessible from anywhere at anytime.

[BONUS] Cost:

You can expect pricing for a joint solution to be far below the price for separate products.

Of course, all this works only if the vendor is offering two world-class products. In the market today, there are vendors who concentrate on expense and others who focus on time, but only DATABASICS excels at both. Let’s talk about what a single solution for “T&E” can do for you.

DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, nonprofits/NGOs, technology, federal contractors, and other sectors.

DATABASICS provides cloud-based, next generation Expense Reporting, Timesheet Management, and Invoice Processing automation to customers in all industries in more than 140 countries. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world. Contact Sales | Request A Quote